CBS and Netflix Announce Two-Year, Non-Exclusive Licensing Agreement

CBS Corporation (CBS) and Netflix, Inc. (NFLX) today announced a two-year, non-exclusive licensing agreement that will allow select TV shows from CBS’s library, including episodes of “Medium” and “Flashpoint” as well as full seasons of classics such as “Frasier,” and “Cheers,” to be streamed instantly from Netflix beginning in April.

Financial terms of the deal were not disclosed. CBS said it retains an option to extend the agreement for up to two additional years.

CBS, based in New York, New York, lost $1.10, or 4.80 percent, to $21.81 at 2:20 p.m. New York time in NYSE trading. Earlier, it fell as low as $21.74. Netflix, based in Los Gatos, California, declined $12.37, or 5.20%, to $223.25 on the Nasdaq.